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Other Topics >> Business, Finance, and Investing

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squeek12
old hand


Reged: 04/27/05
Posts: 978
Loc: I believe
Career as an Edward Jones Investment Rep.
      #6909312 - 08/14/06 02:53 AM

I seem to have found myself in the final stages of the Edward Jones hiring process without knowing a whole lot about the success rate of new hires. Are there any Jones IRs or other brokers that might have some general advice or knowledge about breaking into the industry?

Becoming an Edward Jones IR seems like a no risk situation, as they pay for your training, an office, and a full time assistant. Any pitfalls (besides the door-knocking in the first couple years) that I should be aware of before jumping into this career? Thanks in advance for any advice.


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mwgr5
addict


Reged: 10/04/04
Posts: 450
Loc: Madison
Re: Career as an Edward Jones Investment Rep. [Re: squeek12]
      #6911884 - 08/14/06 11:09 AM

I think the 90% of new reps fail, if I remember the stat correctly. The problem is the early years. When you start you have little income. You need to do a lot of marketing to draw in clients and gain trust. Once you have a client base, I think the job is much easier. With that base you will have more steady income and will recieve referals from you current clients. I think your setup at Edward Jones is nice as you have few expenses.

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tedtodd
Pooh-Bah


Reged: 12/17/03
Posts: 2387
Loc: lurking in the german forums
Re: Career as an Edward Jones Investment Rep. [Re: mwgr5]
      #6914929 - 08/14/06 03:17 PM

I'm in Financial Services. You should ask a few things before accepting the position:
-how much should you expect to make in the first year?
-where do your leads come from?
-do you have a mentor/leader? do you have to share commissions with him?
-do you inherit a book of business?
-is there a base salary? how long does it last?


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squeek12
old hand


Reged: 04/27/05
Posts: 978
Loc: I believe
Re: Career as an Edward Jones Investment Rep. [Re: tedtodd]
      #6915897 - 08/14/06 04:25 PM

Quote:

I'm in Financial Services. You should ask a few things before accepting the position:
-how much should you expect to make in the first year?
-where do your leads come from?
-do you have a mentor/leader? do you have to share commissions with him?
-do you inherit a book of business?
-is there a base salary? how long does it last?




Base salary for first year is $21K plus bonuses and commissions. After the first year there is no base salary. They claim the average total income for first year is about $45K.

No leads. The first year program consists of door-knocking. They want you to make 25 contacts a day for the start-up period.

I will have a mentor and will not share commissions. Edward Jones sets up a pretty damn solid support system for new hires.

I will not inherit any business. You basically choose a territory that their marketing dept. has preselected for a branch. They rent the office space and pay for a full time assistant.

From what I understand, the start-up stage is brutal but with alot of hard work and some luck, there is lots of potential.


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maxtower
veteran


Reged: 09/21/05
Posts: 1264
Re: Career as an Edward Jones Investment Rep. [Re: squeek12]
      #6916195 - 08/14/06 04:43 PM

This sounds like too much work for not enough money. You would make more as a real estate agent it seems.

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Caddy_4_Life
*


Reged: 05/06/06
Posts: 1293
Loc: 2.2BB / 100
Re: Career as an Edward Jones Investment Rep. [Re: squeek12]
      #6916756 - 08/14/06 05:23 PM

A very close friend of mine was a broker with TD waterhouse. Quit there, got hired at Ed Jones thinking it was the bomb. He bombed out in the first 6 mo. as he couldn't handle the door to door to door to door to door sales. He did say the support system was strong within the company but very few ever recognize >$200,000 / year incomes. He is now working for CIBC with a $80,000 base salary and hoping to get into Wood Gundy in 3 years.

-Caddy


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DesertCat
Carpal \'Tunnel


Reged: 08/22/04
Posts: 4236
Loc: Pwned by A-Rod
Re: Career as an Edward Jones Investment Rep. [Re: maxtower]
      #6918726 - 08/14/06 07:44 PM

Quote:

This sounds like too much work for not enough money. You would make more as a real estate agent it seems.




Not anymore. I'd much rather start at Edward Jones than as a real estate agent in this market.

The key isn't the first year income, it's the long term income. My father in-law worked for Merrill-Lynch, it's all the same, work very, very hard, and build a clientele, and eventually you can make tons of money. And unlike Merrill Lynch, there seems to be a little integrity at Edward Jones so you won't have to hold your nose when with upper management.


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squeek12
old hand


Reged: 04/27/05
Posts: 978
Loc: I believe
Re: Career as an Edward Jones Investment Rep. [Re: maxtower]
      #6919504 - 08/14/06 08:54 PM

Quote:

This sounds like too much work for not enough money. You would make more as a real estate agent it seems.




It probably is for the first couple of years. It's a crappy entry-level job at first but has lots of upside. The attractive part is that the only thing you really invest is your time, and quite frankly, as a recent graduate with hardly any experience my time isn't worth that much right now.

Hopefully poker doesn't get banned and I can supplement my income by grinding.


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icetonez
enthusiast


Reged: 07/30/04
Posts: 268
Re: Career as an Edward Jones Investment Rep. [Re: squeek12]
      #6919750 - 08/14/06 09:12 PM

I started a similar job with Prudential in February. There were 6 of us in our hiring class spread over two offices in Maryland.

One woman falied the licensing exams becuase her english was so poor. Two others made it past licensing but failed to reach their first quarter quota. So it's only been 7 months and half of our hiring class is gone.

The variance in 13 week quotas are a bitch. In one quarter even good established agents can have trouble writing enough business.

I just looked at EJ's site and we sell the same products. My advice is to become an expert in Long Term Care Insurance. It is becoming a demand product and will continue to grow with the boomers at the age where parts break down, yet life expectancy is sill increasing. Several state governments are actually sending out letters recommending the product to its citizens because medicare/aid is underfunded. If I would have had to rely soley on life insurance and their fee loaded investment products my first two q's I would be looking for a job right now.

Edited by icetonez (08/14/06 09:22 PM)


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homeslice
veteran


Reged: 07/12/06
Posts: 1458
Loc: ***
Re: Career as an Edward Jones Investment Rep. [Re: squeek12]
      #6925450 - 08/15/06 09:52 AM

Quote:



Hopefully poker doesn't get banned and I can supplement my income by grinding.




If you want to be a good rep you won't have time for poker!!

With no existing client base your going to be working 60hr plus weeks to start. If your not prepared to do that then don't go through with it.

It's very tough, unless you land a few whales. But it's a great learing experience. It will toughen you up in regards to dealing with rejection. And if you do become successful at it can be lucretive. good luck


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